Solar analytics startup, Prescinto, has raised $3.5 million as part of a seed round, led by Venture Catalysts. Inflection Point Ventures, Mumbai Angels and LetsVenture also participated as a part of this round.
With the funding, the company plans to expand in international markets like the US with a single-minded focus on performance enhancement.
Prescinto is an artificial intelligence (AI)-powered clean energy Software-as-a-service (SaaS) platform that helps increase production of power for solar power plants. Through its platform, Prescinto claims to increase solar power plant generation by almost 7%.
“After establishing our leadership in the Indian market, against global competitors, Prescinto plans to expand and capture international markets through its single-minded focus on performance enhancement. I am extremely thankful for the trust of our investors who have partnered with us in this very exciting journey ahead!,” said Puneet Singh Jaggi, founder, and chief executive at Prescinto.
Prescinto’s AI identifies the root causes of the plant’s underperformance in real-time and helps in reducing costs of operation and maintenance. With an aim to increase clean energy without additional investment, the startup identifies and reduces the losses in the plant and results in almost a 20x growth for solar asset owners and operators, the company claims .
“Renewal energy reinvention is the way forward for all our industries, and to be able to do so through AI and advanced technology is definitely a startup one would like to invest in. Prescinto’s AI-powered platform not only shares the reasons for a plant’s underperformance but also suggests ways to improve the same,” said Mitesh Shah, co-founder, Inflection Point Ventures.
Inflection Point Ventures, which has already invested in more than seven startups, this year, plans to invest ₹155 crore across 60 plus startups in 2021.
Prescinto’s clientele includes Stride Climate Investments, part of the Macquarie Asia Infrastructure Fund, Essel Infrastructure, GMR, amongst others. The platform has currently been deployed in solar plants across 14 countries.
In India, the startup works with customers such as Radiance Renewables and SoftBank Energy.
